Question

Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional questions.
Online Content: Site 1

Describe the two types of loans available, and explain how they are different. (Site 1)

Answer 1

Answer:

The two types of loans available are Secured loans and Unsecured loans. They differ from one and other due to a secured loan being one that requires you to offer something of value, such as your car or the home you reside in, which you will lose if you cannot pay off the loan. Whilst an Unsecured loan is when the lender does not require you to put down collateral to take out the loan. The lender trusts that you will pay them back, through a bank, credit union, or online lender. If you don’t pay the money back, the lender must go to court to get their coinage.

Hope this helps! Good luck with the assignment!